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Paulson comes back from China empty handed – what is next?
Alex Thapar
May 24, 2007
Paulson failed to secure a pact to combat copyright piracy or win concessions on the yuan. The Chinese counter part was not interested to listen to American version of the whole problem. Simply stated, they said America couldn’t blame China for its fiscal problems.
Paulson does not know what to do next. The Democrats are also foxed. Can they really impose meaningful sanctions on China? Not really! China took a very shrewd move. It provided a nice carrot to the US Financial Institutions that fund the Republicans and the Democrats. Now the US financial services companies can issue credit and debit cards to Chinese population in Yuan. It was reserved for Chinese financial institutions. But now the American financial institutions can also participate.
China’s intentions are clear. Keep America’s rich, powerful, and the elite happy. Dump on the rest of the America. Unfortunately, we do not know how the Wall Street Guru Paulson reacted. It does not seem there is much of courage among the Democrats to stand for America. They Democrats supported NAFTA that ended in a disaster. They talk a lot but do nothing against China. They extend their hands to provide citizenship to illegal aliens. They allow outsourcing to reachChina and India.
China –America trade policy is designed to make America’s rich richer. It also helps the communists and Red Army generals in China at the cost of middle classes in China and America.
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